Steps I followed to launch my first startup product

about me : in.linkedin.com/in/rajuvelayudhan/ contact : rajuvelayudhan@yahoo.com

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Develop the idea

Develop idea into a full blown product with all possible features. Document it. Read it couple of times and re-affirm yourselves that it can create

tangible value for somebody

1

Go out yourself and validate your idea with target customers (if possible), with experts from

the field, users who might end up using it

Purpose is to assess - Technical and Financial Feasibility of developing the product, Product Market Fit, Scalability of Market, Feasibility of Sales Channels, Viability of Revenue

Model

2

Create a Minimum Viable Product (Proto) which can preferably provide a complete

visualization of the product

Use wireframes, animated product demo video or mock screen shots or a combination of them

3

Hunt for your first (even if small value) pilot customer. Preferably founding team should do

this search themselves

Demonstrate the proto to a chosen list of easy target customers who can

be offered special discounts / benefits. They should be willing to share their knowledge and time to give complete shape to the product.

References helps at this point. In the process re-validate your hypothesis regarding Product Market Fit, Customer Segments, Sales Channels,

Revenue Model and re-strategize if required

4

Get initial funding

If the pilot customer can fund, then excellent. Or else look for seed funds, incubators

5

Develop the product

Build the product iteratively module by module. After building each module implement it for the pilot customer. Take feedback and refine the product

6

Take the product to a larger set of target customers, preferably again by the founding team.

Signup next 2 or 3 customers

Based on how well you are equipped to adhere to your delivery

commitments, sign up 2 or 3 more orders. Implement the product for them, take feedback, refine the product further. Re-validate your

hypothesis regarding Product Market Fit, Customer Segments, Sales Channels, Revenue Model and re-strategize if required

7

Get second round of funding

The business is set to gain traction. Factor money for scaling up team, building brand, exploring alternative

sales channels, exploring new markets

8

Scale up systematically

Scale up as you gain traction. Build the best possible team who can do this. Spend judiciously. Stay focused

on value creation, stick to your core values, continuously innovate and improve the product

9

Look for opportunity to pay back the investors.

Start planning for your exit with your millions, if you wish to

10

Thank You

Email: rajuvelayudhan@yahoo.com